The former employee of radio star Bubba 'The Love Sponge,' they write, "stole several sex tape DVD's from Bubba's office" and then shopped clips of the sex tape and sold it to TMZ to "build interest."

But doesn't it end there. They say Loyd contacted a well-known sex tape broker named Keith Davidson from California to "engage in the extortion of Terry Bollea," better known as wrestling star Hulk Hogan.

Detectives say Loyd tried to hide his tracks by paying a middleman to do the dirty work. He recruited, they say, his wife Tasha's best friend from high school, Lori Burbridge. Detectives say she was to be paid $10,000 for her involvement.

Burbridge told detectives she was "instructed" to meet with the sex tape broker in order to "complete negotiations with Bollea and his attorney."

Hoping to keep the theft a secret, she said Loyd came up with a story that he had obtained the sex tapes during a Bubba yard sale.

Burbridge said Loyd also leaked pictures of the sex tape to TheDirty.com and TMZ and was paid $8,500. The report says, to remain anonymous, Loyd had Burbridge sign the tax forms and put it her bank account. Documents show she then handed Loyd a cashier's check for $8,000.

Burbridge says Loyd went to great lengths to hide his involvement, including using multiple fake emails and used the alias "Janerro" when dealing with Gawker, which ultimately published the footage. She said he could even forge Bubba's handwriting.

But why would Loyd go through all this trouble to steal and leak a sex tape involving Hulk Hogan? Burbridge told detectives Loyd was "trying to make Bubba sweat" after a falling-out.

Defense Attorney Rick Terrana, who has practiced law for over 25 years, says he has never seen such a thorough investigation by police. "He left no stone unturned and no T's uncrossed."

Terrana wonders, with such clear evidence of crimes, why no charges were filed by Mark Ober's office.

"I think he should be counting his lucky stars no charges were filed. He's extremely, extremely lucky -- in my opinion -- that he didn't get charged, at the very least, with a third-degree felony," Terrana offered.

Mark Cox, spokesperson for the Hillsborough State Attorney's Office, explained: "We reviewed the case in great detail -- the TPD report is only part of the overall investigation. We came to the conclusion that we had no reasonable expectation of success in prosecution."

Disappointed with the SAO decision, Clem contacted FOX 13.

"I think my rights have been violated," he complained, "but who's gonna listen to me? Nobody can fight the good ol' boy network."